PARR on NYSE

PAR PACIFIC HOLDINGS, INC.

PAR PACIFIC HOLDINGS, INC. is a growth-oriented energy company providing both renewable.1 It is headquartered in Houston, Texas.1 Its shares trade on NYSE under the symbol PARR.1

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Last updated Oct 21, 2026.

Overview

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  • TickerPARR on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address825 Town & Country Lane, Suite 1500, Houston, Tx 770242
  • Filer categoryLarge accelerated filer2

Par Pacific Holdings, Inc., headquartered in Houston, Texas, is a growth-oriented energy company providing both renewable and conventional fuels to the western United States.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.2%Operating margin5
4.9%Net margin5
-6.4%Revenue growth, 20255
24.4%Return on equity5
0.53×Debt to equity5
$296.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Fuel Revenue brought in 96% of the revenue PAR PACIFIC HOLDINGS, INC. broke down this way in fiscal 2025.

  1. Fuel Revenue$7.2B596%down 6% from 2024
  2. Other Revenue$311.0M54%down 10% from 2024
Products and services by year
Products and services202320242025
Fuel Revenue$8.0B$7.6B$7.2B
Other Revenue$270.4M$345.4M$311.0M

Business segments

Refining brought in 89% of the revenue PAR PACIFIC HOLDINGS, INC. broke down this way in fiscal 2025.

  1. Refining$7.2B589%down 7% from 2024
  2. Retail$576.7M57%down 1% from 2024
  3. Logistics$298.4M54%down 0% from 2024
Business segments by year
Business segments202320242025
Refining$8.0B$7.7B$7.2B
Retail$592.5M$584.8M$576.7M
Logistics$260.8M$299.5M$298.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs94¢$7.0B
  • Income tax1¢$110.8M
  • Profit5¢$369.4M

Out of $7.5B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending33¢$148.9M
  • Share buybacks28¢$124.8M
  • Kept or used elsewhere39¢$171.6M

Out of $445.3M of cash from operations.5

Financial statements

Revenue67895$7.5B in 2025+38% since 2019
0$2.5B$5.0B$7.5B$10.0B2019: $5.4B$5.4B20192020: $3.1B$3.1B2020−42%2021: $4.7B$4.7B2021+51%2022: $7.3B$7.3B2022+55%2023: $8.2B$8.2B2023+12%2024: $8.0B$8.0B2024−3%2025: $7.5B$7.5B2025−6%
Operating income67895$538.8M in 2025+264% since 2019
-$500.0M-$250.0M0$250.0M$500.0M$750.0M2019: $148.0M$148.0M20192020: -$318.0M-$318.0M20202021: -$7.6M-$7.6M2021−98%2022: $437.9M$437.9M20222023: $680.0M$680.0M2023+55%2024: $47.6M$47.6M2024−93%2025: $538.8M$538.8M2025+1031%
Net income67895$369.4M in 2025+805% since 2019
-$500.0M0$500.0M$1.0B2019: $40.8M$40.8M20192020: -$409.1M-$409.1M20202021: -$81.3M-$81.3M2021−80%2022: $364.2M$364.2M20222023: $728.6M$728.6M2023+100%2024: -$33.3M-$33.3M20242025: $369.4M$369.4M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues$7.5B$8.0B$8.2B
Cost of revenues (excluding depreciation)$6.1B$7.1B$6.8B
Operating expense (excluding depreciation)$587.7M$584.3M$485.6M
Depreciation and amortization$144.3M$131.6M$119.8M
General and administrative expense (excluding depreciation)$98.5M$108.8M$91.4M
Equity earnings from refining and logistics investments-$26.3M-$11.9M-$11.8M
Acquisition and integration costs$4.3M$100.0K$17.5M
Par West redevelopment and other costs$14.8M$12.5M$11.4M
Other operating loss (gain), net-$7.2M$222.0K-$59.0K
Total operating expenses$6.9B$7.9B$7.6B
Operating income$538.8M$47.6M$680.0M
Interest expense and financing costs, net-$82.4M-$82.8M-$72.5M
Debt extinguishment and commitment costs-$1.1M-$1.7M-$19.2M
Other expense, net-$665.0K-$1.9M-$53.0K
Equity earnings (losses) from Laramie Energy, LLC$23.3M-$296.0K$25.0M
Total other expense, net-$60.9M-$86.6M-$66.7M
Income (loss) before income taxes$477.9M-$39.0M$613.3M
Income tax benefit (expense)-$110.8M$5.7M$115.3M
Net income (loss)$367.1M-$33.3M$728.6M
Net loss attributable to noncontrolling interest-$2.3M$0$0
Net income (loss) attributable to Par Pacific stockholders$369.4M-$33.3M$728.6M
Basic (in dollars per share)$7.28-$0.59$12.14
Diluted (in dollars per share)$7.16-$0.59$11.94
Basic (in shares)50.7M shares56.8M shares60.0M shares
Diluted (in shares)51.6M shares56.8M shares61.0M shares

Compare PAR PACIFIC HOLDINGS, INC. with another company

Corporate structure

PAR PACIFIC HOLDINGS, INC. sits at the top of its group. 22 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PAR PACIFIC HOLDINGS, INC.

  • Invesco Filed SCHEDULE 13G on PAR PACIFIC HOLDINGS, INC., latest Aug 13, 2026
  • State Street Corporation Filed SCHEDULE 13G on PAR PACIFIC HOLDINGS, INC., latest Aug 7, 2026 (3 filings since Feb 7, 2023)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on PAR PACIFIC HOLDINGS, INC., latest Mar 27, 2026 (8 filings since Feb 10, 2022)
  • Pacer Advisors, Inc. Filed SCHEDULE 13G/A on PAR PACIFIC HOLDINGS, INC., latest May 2, 2025 (2 filings since May 2, 2025)
  • BlackRock Filed SCHEDULE 13G/A on PAR PACIFIC HOLDINGS, INC., latest Apr 30, 2025 (8 filings since Jan 25, 2022)
  • CHAI TRUST CO LLC Filed SC 13D/A on PAR PACIFIC HOLDINGS, INC., latest Mar 5, 2024 (14 filings since Nov 1, 2021)
  • Rubric Capital Management LP Filed SC 13G/A on PAR PACIFIC HOLDINGS, INC., latest Feb 12, 2024 (3 filings since Feb 14, 2022)
  • Cetus Capital VI, L.P. Filed SC 13G/A on PAR PACIFIC HOLDINGS, INC., latest Feb 14, 2022
  • EATON VANCE MANAGEMENT Filed SC 13G/A on PAR PACIFIC HOLDINGS, INC., latest Dec 14, 2021
  • PAR PACIFIC HOLDINGS, INC. Houston, Texas
    • Hawaii Renewables Holdings, LLC Subsidiary · Delaware, United States
    • Hawaii Renewables, LLC Subsidiary · Delaware, United States
    • Hermes Consolidated, LLC Subsidiary · Delaware, United States
    • Laramie Energy, LLC (46.0% interest) Subsidiary · Delaware, United States
    • Par Billings Cogeneration, Inc. Subsidiary · Delaware, United States
    • Par Hawaii Refining, LLC Subsidiary · Hawaii, United States
    • Par Hawaii Shared Services, LLC Subsidiary · Delaware, United States
    • Par Hawaii, LLC Subsidiary · Delaware, United States
    • Par Montana Holdings, LLC Subsidiary · Delaware, United States
    • Par Montana, LLC Subsidiary · Delaware, United States
    • Par Pacific Hawaii Property Company, LLC Subsidiary · Delaware, United States
    • Par Petroleum Finance Corp. Subsidiary · Delaware, United States
    • Par Petroleum, LLC Subsidiary · Delaware, United States
    • Par Piceance Energy Equity LLC Subsidiary · Delaware, United States
    • Par Rocky Mountain Midstream, LLC Subsidiary · Delaware, United States
    • Par Tacoma, LLC Subsidiary · Delaware, United States
    • U.S. Oil and Refining Co. Subsidiary · Delaware, United States
    • Wyoming Pipeline Company LLC Subsidiary · Wyoming, United States
    • Yellowstone Energy Limited Partnership (65.0% interest) Subsidiary · Montana, United States
    • Yellowstone Logistics Holding Company Subsidiary · Delaware, United States
    • Yellowstone Pipe Line Company (40.0% interest) Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PAR PACIFIC HOLDINGS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$197.2M5 Dec 31, 2025$194.6M5 Dec 31, 2024+1.3%
Finance-lease assets$16.4M5 Dec 31, 2025$16.1M5 Dec 31, 2024+1.6%
Operating-lease assets (leased space)$391.4M5 Dec 31, 2025$428.1M5 Dec 31, 2024−8.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$164.1M5 Dec 31, 2025$191.9M5 Dec 31, 2024−14.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$127.3M5 Dec 31, 2025$129.3M5 Dec 31, 2024−1.5%
Intangible assets, net (excluding goodwill)$9.5M5 Dec 31, 2025$9.5M5 Dec 31, 2024−0.4%
Finite-lived intangibles, gross$39.5M5 Dec 31, 2025$38.6M5 Dec 31, 2024+2.5%
Accumulated amortization$30.1M5 Dec 31, 2025$29.1M5 Dec 31, 2024+3.4%
Finite-lived intangibles, net$9.2M5 Dec 31, 2025$9.3M9 Dec 31, 2024−0.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.2B5 Dec 31, 2025$1.1B5 Dec 31, 2024+12.8%

Properties, in its own words

Please read “Item 1. — Business” of this Form 10-K for the location and general character of the properties used in our refining, logistics, and retail segments. Our corporate headquarters are located at 825 Town & Country Lane, Suite 1500, Houston, Texas 77024. We believe that these properties and facilities are adequate for our operations and are maintained in a good state of repair.

Natural Gas and Oil Properties

The rest of Item 2

Laramie Energy

All of the assets held by Laramie Energy are located in Garfield, Mesa, and Rio Blanco counties, Colorado. All of the natural gas, natural gas liquids, and condensate are produced primarily from the Mesaverde formation and to a lesser extent the Mancos formation and some of the acreage is contiguous. The geology of the Piceance Basin is characterized as highly consistent and predictable over large areas, which generally equates to reliable timing and cost expectations during drilling and completion activities, as well as minimal well-to-well variance in production and reserves when completed with the same methodology. During the year ended December 31, 2023, we resumed the application of the equity method of accounting for our investment in Laramie Energy. As of December 31, 2025, the balance of our investment in Laramie Energy on our consolidated balance sheets was $35.8 million.

Other

We also own certain immaterial minority interests in wells located in Colorado.

Item 2 of the 10-K filed Feb 25, 2026.4

Leadership

Who has led PAR PACIFIC HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (50)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Hawaii Renewables Holdings, LLC Delaware3
  • Hawaii Renewables, LLC Delaware3
  • Hermes Consolidated, LLC Delaware3
  • Laramie Energy, LLC (46.0% interest) Delaware3
  • Par Billings Cogeneration, Inc. Delaware3
  • Par Hawaii Refining, LLC Hawaii3
  • Par Hawaii Shared Services, LLC Delaware3
  • Par Hawaii, LLC Delaware3
  • Par Montana Holdings, LLC Delaware3
  • Par Montana, LLC Delaware3
  • Par Pacific Hawaii Property Company, LLC Delaware3
  • Par Petroleum Finance Corp. Delaware3
  • Par Petroleum, LLC Delaware3
  • Par Piceance Energy Equity LLC Delaware3
  • Par Rocky Mountain Midstream, LLC Delaware3
  • Par Tacoma, LLC Delaware3
  • U.S. Oil and Refining Co. Delaware3
  • Wyoming Pipeline Company LLC Wyoming3
  • Yellowstone Energy Limited Partnership (65.0% interest) Montana3
  • Yellowstone Logistics Holding Company Delaware3
  • Yellowstone Pipe Line Company (40.0% interest) Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • PAR PETROLEUM CORP/COSep 7, 2012 to Oct 14, 20152
  • DELTA PETROLEUM CORP/CONov 20, 1995 to Aug 31, 20122

Timeline

  1. Sep 28, 20268-K Executive or director change; Other events75
  2. Aug 25, 20268-K Regulation FD disclosure; Other events76
  3. Aug 5, 20268-K Results of operations77
  4. May 14, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure78
  5. May 11, 20268-K Regulation FD disclosure79
  6. May 5, 20268-K Results of operations80
  7. May 4, 20268-K Shareholder vote81
  8. Feb 24, 20268-K Results of operations82
  9. Dec 19, 20258-K Entered a material agreement; New debt or obligation83
  10. Nov 4, 20258-K Results of operations84
  11. Oct 22, 20258-K Entered a material agreement; Regulation FD disclosure85
  12. Oct 3, 20258-K Entered a material agreement; New debt or obligation86
  13. Oct 14, 2015New chief executive William Pate becomes CEO14
  14. Jan 5, 2015New chief executive Joseph Israel becomes CEO13
  15. Oct 3, 2013New chief executive William Monteleone becomes CEO15
  16. Jul 8, 2010New chief executive Carl E. Lakey becomes CEO16
  17. Nov 2, 2007New chief executive Kevin K. Nanke becomes CEO17
  18. Feb 28, 2006New chief executive Roger A. Parker becomes CEO18

Calendar

Coming up

  1. Nov 3, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $5.95 a share, on Nov 4, 2025.87

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results77
  2. May 5, 2026Reported quarterly or annual results80
  3. Feb 24, 2026Reported quarterly or annual results82
  4. Nov 4, 2025Reported quarterly or annual results84
  5. Aug 6, 2025Reported quarterly or annual results88
  6. May 7, 2025Reported quarterly or annual results89
  7. Feb 26, 2025Reported quarterly or annual results90
  8. Nov 5, 2024Reported quarterly or annual results91

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

628 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 69 major events, 438 insider forms, 41 large holders, 60 other. The latest 20:

  1. Oct 6, 20264 EDGAR
  2. Oct 6, 20264 EDGAR
  3. Oct 6, 20264 EDGAR
  4. Oct 6, 20264 EDGAR
  5. Oct 6, 20264 EDGAR
  6. Oct 6, 20264 EDGAR
  7. Oct 6, 20264 EDGAR
  8. Oct 6, 20264 EDGAR
  9. Oct 6, 20264 EDGAR
  10. Sep 30, 20264 EDGAR
  11. Sep 30, 20263 EDGAR
  12. Sep 28, 20268-K EDGAR
  13. Sep 15, 2026144/A EDGAR
  14. Sep 15, 20264 EDGAR
  15. Sep 14, 2026144 EDGAR
  16. Sep 11, 20264 EDGAR
  17. Sep 10, 2026144 EDGAR
  18. Sep 4, 20264 EDGAR
  19. Sep 3, 2026144 EDGAR
  20. Sep 2, 2026144 EDGAR

The 628 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

172 open-market trades by officers, directors and large owners since October 2021: 3 buys and 169 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Pitkin TerrillSVP, Planning & CommercialSale3,815$84.50$322.4KForm 4
Sep 10, 2026Clossey TimothyDirectorSale10,970$84.00$921.5KForm 4
Sep 3, 2026Monteleone WilliamPresident and CEOSale26,801$83.00$2.2MForm 4
Sep 2, 2026Monteleone WilliamPresident and CEOSale40,000$81.30$3.3MForm 4
Aug 18, 2026PATE WILLIAMDirectorSale68,852$80.75$5.6MForm 4
Aug 17, 2026PATE WILLIAMDirectorSale20,648$82.32$1.7MForm 4
Aug 17, 2026Clossey TimothyDirectorSale5,421$83.02$450.1KForm 4
Aug 17, 2026Guerra Ivan DanielChief Accounting OfficerSale2,133$82.37$175.7KForm 4
Aug 14, 2026Clossey TimothyDirectorSale8,015$81.50$653.2KForm 4
Aug 7, 2026Mattiussi DanielleSee RemarksSale3,278$67.29$220.6KForm 4
Aug 6, 2026Creamer RichardEVP - Refining and LogisticsSale14,139$67.67$956.8KForm 4
Mar 16, 2026Flores Shawn DavidSee RemarksSale7,167$54.04$387.3KForm 4
Mar 16, 2026Monteleone WilliamPresident and CEOSale108,948$54.06$5.9MForm 4
Mar 13, 2026Clossey TimothyDirectorSale6,103$54.06$329.9KForm 4
Mar 5, 2026Pitkin TerrillSVP, Planning & CommercialSale11,824$51.22$605.6KForm 4
Mar 2, 2026Clossey TimothyDirectorSale4,219$45.70$192.8KForm 4
Feb 27, 2026Hollis Jeffrey RyanSee RemarksSale15,350$41.62$638.9KForm 4
Feb 27, 2026Creamer RichardEVP - Refining and LogisticsSale14,500$42.71$619.3KForm 4
Feb 27, 2026Flores Shawn DavidSee RemarksSale8,190$42.75$350.1KForm 4
Feb 27, 2026Guerra Ivan DanielChief Accounting OfficerSale4,500$42.64$191.9KForm 4

All 172 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Richard Creamer60$516.2K$1.9M101
2025Shawn Flores37$457.3K$1.8M101
2025Jeffrey R. Hollis43$432.1K$1.5M101
2025Terrill Pitkin44$370.2K$1.3M101
2024William Monteleone42$662.7K$9.8M101
2024– Executive Vice President,$488.5K$1.5M101
2023–President and Chief Executive Officer$497.7K$2.1M101
2023Refining and Logistics$436.2K$1.6M101
2023Chief Financial Officer$387.4K$1.3M101
2023General Counseland Secretary$374.5K$1.2M101

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,169,208$402.0M0.0%−237,906
State Street Corp3,345,818$187.6M0.0%+257,581
Invesco Ltd.2,745,999$154.0M0.0%+743,820
Vanguard Capital Management LLC2,129,297$119.4M0.0%+41,884
American Century Companies Inc2,108,900$118.3M0.1%+303,937
Arrowstreet Capital, Limited Partnership1,773,286$99.4M0.0%+1,493
Dimensional Fund Advisors LP1,762,224$98.8M0.0%−2,599
Vanguard Portfolio Management LLC1,610,032$90.3M0.0%−451,612
Geode Capital Management, LLC1,462,315$82.0M0.0%+60,368
Charles Schwab Investment Management Inc1,027,605$57.6M0.0%−180,977
Goldman Sachs Group Inc1,024,464$57.5M0.0%+77,994
Westwood Holdings Group Inc1,018,594$57.1M0.4%+395,761
FJ Investments, LLC991,107$55.6M3.0%No change
Forest Avenue Capital Management LP887,546$49.8M2.1%−529,533
Two Sigma Investments, LP827,014$46.4M0.0%+251,411
Jupiter Asset Management Ltd761,912$42.7M0.2%−24,590
Morgan Stanley720,138$40.4M0.0%−193,160
Bank Of America Corp /de/657,823$36.9M0.0%+364,271
Northern Trust Corp628,920$35.3M0.0%+40,097
Renaissance Technologies LLC523,964$29.4M0.0%+10,185
Jane Street Group, LLC489,418$27.4M0.0%New
Bnp Paribas Financial Markets405,749$22.8M0.0%+40,143
UBS Group AG402,984$22.6M0.0%−2,755
Principal Financial Group Inc384,916$21.6M0.0%+12,894
Qube Research & Technologies Ltd368,028$20.6M0.0%+36,303

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How PAR PACIFIC HOLDINGS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPAR PACIFIC HOLDINGS, INC.1
  • CIK0000821483
  • Employer ID (EIN)84-10608034
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address825 Town & Country Lane, Suite 1500, Houston, TX 770241
  • Phone(281) 899-48001
  • Shares outstanding50,099,627 as of Jul 30, 202611
  • Public float$1.3B as of Jun 30, 20254
  • AuditorDeloitte & Touch LLP, Houston, Texas PCAOB ID 34; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceSep 5, 19951
  • Filings2,455 in all: 4 (1,100), 8-K (420), SC 13D/A (80), 10-Q (75), SC 13G/A (58), 3 (56), 4/A (50), CORRESP (43)1
    All 71 form types

    144 (36), UPLOAD (36), SC 13G (34), S-3/A (33), DEF 14A (31), EFFECT (31), 424B3 (30), 8-K/A (26), 10-K (25), S-3 (25), POS AM (19), 10QSB (18), DEFA14A (18), S-8 (17), 424B5 (13), 10-K/A (12), REGDEX (12), S-8 POS (11), FWP (10), ARS (9), PRE 14A (9), 10KSB/A (7), SCHEDULE 13G/A (7), 10KSB (6), S-1/A (6), S-3ASR (6), SC 13D (6), 10-Q/A (5), 5 (5), POSASR (5), PRER14A (5), 10QSB/A (4), NT 10-K (4), NT 10-Q (4), S-1 (4), 8-A12B (3), CT ORDER (3), SC TO-C (3), SCHEDULE 13G (3), 10-KT/A (2), 144/A (2), 3/A (2), CERT (2), DEF 14C (2), PRE 14C (2), S-4 (2), S-4/A (2), 10-C (1), 10-KT (1), 10KSB40 (1), 25 (1), 25-NSE (1), 424B2 (1), 424B4 (1), 424B7 (1), 8-A12G/A (1), CERTNYS (1), D (1), DEFR14A (1), DEL AM (1), PREM14A (1), RW (1), SC14D9C (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Sep 28, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.01 par valuePARRNew York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks PAR PACIFIC HOLDINGS, INC. names in Item 1A of its 10-K filed Feb 25, 2026: 49 risks under these headings, as written.4

  • OPERATING RISKS
  • Our operations are subject to operational hazards that could expose us to potentially significant losses.
  • The volatility of crude oil prices and refined product prices and changes in the demand for such products may have a material adverse effect on our cash flow and results of operations.
  • Instability in the global economic and political environment can lead to volatility in the cost and availability of crude oil and prices for refined products, which could adversely impact our results of operations.
  • Geopolitical conflicts, including the Russia-Ukraine war, could increase the cost of our crude oil feedstocks and affect the demand for our products.
  • Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business, results of operations, and financial condition.
  • Many of our refined products could cause serious injury or death if mishandled or misused by us or our purchasers, or if defects occur during manufacturing.
  • Our business is impacted by increased risks of spills, discharges, or other releases of petroleum or hazardous substances in our refining and logistics operations.
  • Our operations, including the operation of underground storage tanks, are also subject to the risk of environmental litigation and investigations which could affect our results of operations.
  • Our insurance coverage may be inadequate to protect us from the liabilities that could arise in our business.
  • We are subject to interruptions of supply and increased costs as a result of our reliance on third-party transportation of conventional and renewable feedstocks and refined products to and from our refineries.
  • The financial and operating results of our refineries, including the products they refine and sell, can be seasonal.
The other 38 risks
  • We rely upon certain critical information systems for the operation of our business and the failure of any critical information system, including a cybersecurity breach, may result in harm to our business.
  • Climate change may increase the frequency and severity of weather events that could result in severe personal injury, property damage, and environmental damage, which could curtail our operations and otherwise materially adversely affect our cash flows.
  • Through our investment in Laramie Energy, we are subject to all of the risks of natural gas and oil exploration and production, but we lack the ability to control Laramie Energy’s operations and our ability to extract value is limited.
  • REGULATORY RISK
  • Meeting the requirements of evolving environmental, health, and safety laws and regulations, including those related to climate change and marine protection, could adversely affect our performance.
  • Renewable fuels mandates and other mandates may reduce demand for the petroleum fuels we produce, which could have a material adverse effect on our business results of operations and financial condition.
  • Potential legislative and regulatory actions addressing climate change could increase our costs, reduce our revenue and cash flow from operations, or otherwise alter the way we conduct our business.
  • Regulatory and other requirements concerning the transportation of crude oil and other commodities by rail may cause increases in transportation costs or limit the amount of crude oil that we can transport by rail.
  • We will be required to undertake significant environmental remediation and other corrective actions in connection with certain prior acquisitions.
  • We may incur significant costs and liabilities resulting from performance of pipeline integrity programs and related repairs.
  • Compliance with and changes in tax laws could materially and adversely affect our financial condition, results of operations and cash flows.
  • BUSINESS RISKS
  • The locations of our refineries and related assets in certain limited geographic areas create an exposure to localized economic risks.
  • We must make substantial capital expenditures and complete periodic turnarounds at our refineries and related assets to maintain their reliability and efficiency. If we are unable to complete capital projects at their expected costs or in a timely manner, or if the market conditions assumed in our project economics deteriorate, our financial condition, results of operations, or cash flows could be adversely affected.
  • The retail market is diverse and highly competitive.
  • The development of alternative and competing products could adversely impact our business.
  • If we are unable to obtain crude oil supplies for our refineries without the benefit of our Inventory Intermediation Agreement and ABL Credit Facility, the capital required to finance our crude oil supply could negatively impact our liquidity.
  • The Inventory Intermediation Agreement expose us to counterparty credit and performance risk.
  • Inadequate liquidity could materially and adversely affect our business operations in the future.
  • Our ability to generate cash and repay our indebtedness or fund capital expenditures depends on many factors beyond our control and any failure to do so could harm our business, financial condition, and results of operations.
  • Our substantial level of indebtedness could adversely affect our financial condition.
  • Despite our current debt levels, we may still incur substantially more debt or take other actions which would intensify the risks associated with our substantial leverage.
  • Our debt agreements impose significant operating and financial restrictions on us.
  • We may incur losses and incur additional costs as a result of our forward-contract activities and derivative transactions.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly and otherwise impact our ability to incur indebtedness for acquisitions and working capital needs.
  • We cannot be certain that our net operating loss tax carryforwards will continue to be available to offset our tax liability.
  • We may be unable to successfully identify, execute, or effectively integrate future acquisitions, which may negatively affect our results of operations.
  • Acquisitions may prove to be worth less than we paid because of uncertainties in evaluating potential liabilities.
  • Our renewable fuels manufacturing facility co-located with our Hawaii refinery (the “Renewable Fuels Facility”) may not commence operations when we expect, or at all, and, if completed, we may not be able to successfully integrate the Renewable Fuels Facility into our business or realize the anticipated benefits of this investment.
  • A substantial portion of our refining workforce is unionized and we may face labor disruptions that would interfere with our operations.
  • Changes in the availability of and the cost of labor could adversely affect our business.
  • Technological change or adverse changes in global economic conditions could affect the demand for transportation fuels and impact our business and financial condition in ways that we currently cannot predict.
  • RISKS RELATED TO OUR COMMON STOCK
  • Because we have no near term plans to pay cash dividends on our common stock, investors must look solely to stock appreciation for a return on their investment in us.
  • If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our common stock, or if our operating results do not meet their expectations, our stock price could decline.
  • The price of our common stock historically has been volatile. This volatility may affect the price at which you could sell your common stock.
  • An impairment of an equity investment, a long-lived asset, or goodwill could reduce our earnings or negatively impact the value of our common stock.
  • The market for our common stock has been historically illiquid, which may affect your ability to sell your shares.
  • Delaware law, our charter documents, and concentrated stock ownership may impede or discourage a takeover, which could reduce the market price of our common stock.
  • We may issue preferred stock with terms that could adversely affect the voting power or value of our common stock and any future issuances of our common stock may reduce our stock price.
  • Investor sentiment towards climate change, fossil fuels, sustainability, and other Environmental, Social, and Governance (“ESG”) matters could adversely affect our business and our stock price.

Legal proceedings

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of our business. Except as described in “Note 19—Commitments and Contingencies” to our consolidated financial statements under Item 8 of this Form 10-K, as of the date of this Annual Report on Form 10-K, no legal proceedings are pending against us that we believe individually or collectively could have a materially adverse effect upon our financial condition, results of operations, or cash flows.

The opening of Item 3, Legal Proceedings.4

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